Online payment service provider PayU has agreed to acquire Israeli payment technology provider, ZOOZ, for an undisclosed sum.
Image: PayU has agreed to acquire Israeli payment technology provider ZOOZ. Photo: courtesy of rawpixel / Unsplash.
Established in 2010, ZOOZ provides payments platform that will help merchants optimize their payments performance.
ZOOZ includes 70-member team of technical and payments experts, which will help PayU team to enhance business’ technical capabilities.
ZOOZ co-founder and CEO Oren Levy said: “The unique contribution we bring to PayU is an advanced technological layer which not only helps merchants worldwide to upscale their operations and provide a better customer experience, but also offers analytics and optimization capabilities that equip them with unprecedented insights.”
The acquisition is said to support PayU’s ongoing expansion into high growth markets and target the $994bn opportunity in cross border payments.
The teams from both firms will work together to develop global standard payments infrastructure, as well as build comprehensive, modular and flexible payment OS platform, which can meet merchant and payment industry requirements.
PayU noted that the platform expected features comprise of fraud management and real time reporting or smart routing, enabling to support global merchant growth.
The deal will enable PayU merchants such as Gett and Kiwi.com to access2.3 billion new customers across high growth markets via the ZOOZ-designed PayU Hub platform.
As per terms of the deal, ZOOZ’s co-founder and CEO Oren Levy and CTO Ronen Morecki will join PayU’s global leadership team to support tech and business development.
The transaction is expected to be completed in summer of this year.
PayU CEO Laurent le Moal said: “PayU is one of the most active investors in the fintech space and we are always looking for opportunities to innovate and support our merchant clients to grow.
“Today’s announcement is a great illustration of this philosophy in action and we are pleased to be welcoming the ZOOZ team further into the PayU fold.”
PayU offers online payment services in 16 high growth markets, including Asia, Central and Eastern Europe, Latin America, the Middle East and Africa.